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The Logistics Manager’s Index (LMI) in the US remained unchanged at 57.4 in October 2025, matching September’s reading and indicating a steady growth rate in the logistics sector. Downward pressure from declines in inventory and warehousing metrics was offset by strength in transportation activity. Inventory levels declined (-5.6 to 49.5) and there was a subsequent slowdown in warehousing utilization (-8.8 to 56.5). On the other hand, transportation prices (+7.5 to 61.7) and transportation utilization (+7.3 to 57.3) rose. Meanwhile, the upward swing in transportation prices combined with the slight downtick (-0.7) in the expansion of available transportation capacity (54.5) breaks the two-month trend of a negative freight inversion. Taken altogether it seems likely that inventories are dropping as holiday sales begin, easing the prior tightness in warehousing and leading to a greater utilization of transportation due to the increased movement of goods.

US Logistics Growth Steady in October

The yield on the US 10-year Treasury note fell to 4.08% on Tuesday, retreating from nearly four-week highs reached on Monday, due to lower-than-expected government borrowing estimates and mixed signals from Fed officials. The US Treasury Department said it now expects to borrow $569 billion in Q4, $21 billion less than projected in July 2025, primarily because it began the period with a higher cash balance. Also, traders recalibrate expectations for a Fed rate cut in December, following conflicting remarks from policymakers. Chicago Fed President Goolsbee said he remains more concerned about inflation than employment, Governor Cook highlighted risks of further labor-market weakness, San Francisco Fed President Daly urged officials to “keep an open mind” and Governor Miran noted that policy remains restrictive. Markets now assign roughly a 70% probability to a 25bps rate cut next month, down from about 90% before last week’s FOMC meeting, but above the 60% seen earlier this week.

US Treasury Yields Edge Down

In Mumbai,  the SENSEX Index decreased 519 points or 0.62 percent on Tuesday. Losses were driven by Power Grid (-3.23%), Tata Motors (-2.37%) and Eternal Limited (-1.85%). Biggest rises came from Titan Company (2.30%), Bharti Airtel (1.74%) and Bajaj Finance (1.14%).

The SENSEX Index Closes 0.62% Lower

France’s 10-year OAT yield held steady above 3.4%, near its highest level since mid-October, as investors focused on ongoing budget talks and the outlook for monetary policy following last week’s ECB and Fed meetings. Socialist Party leader Olivier Faure said his party will wait until the full 2026 budget is finalized before deciding whether to challenge France’s minority government. Prime Minister Sébastien Lecornu is seeking to pass the budget without invoking Article 49.3, which allows the government to bypass a parliamentary vote. To build support and avoid snap elections, he has offered several compromises, including pausing pension reforms and raising corporate taxes on large firms, though the center-left remains dissatisfied with the budget’s current state. On the policy front, the ECB kept rates unchanged for a third meeting, calling its stance “appropriate,” while Fed Chair Jerome Powell warned that rate cuts in December are “not a foregone conclusion.”

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